Highlighting Time Warner, News Corp, Viacom, and Discovery, he said in a "Squawk Box" interview, "Each of these stocks, because of the rising middle class around the world and the notion of having that mobility in their hand and want content, you'll see these stocks double over the next five years." (Disclosure: Gabelli has positions in all stocks mentioned.)

According to the Gabelli Funds boss, these four companies have also reduced their outstanding shares. For example, he said that shares outstanding of Time Warner are down 50 percent, while Viacom is also "shrinking cap substantially."